Kenya to borrow US$9.14 billion from external sources in fiscal year

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kenya shilling
kenya shilling

Kenya plans to borrow 1.1 trillion shillings (9.14 billion U.S. dollars) from external sources in the fiscal year 2022/2023, the National Treasury said in its estimates of loans and grants seen on Thursday.

This is a decline from 10.3 billion dollars in the financial year 2021/2022, according to the Treasury.

The country’s external borrowing is, however, expected to rise to 9.7 billion dollars in the financial year 2023/2024 and decline to 8 billion dollars in the financial year 2024/2025, said the Treasury.

A further 104 million dollars in revenue is expected to come from grants from foreign governments and international organizations in the financial year 2022/2023, a decline from 323 million dollars in the previous fiscal year, noted the Treasury.

The government uses most of the grants to fund health programs, including on HIV and COVID-19, as well as support anti-terror projects like the forces fighting al-Shabab in Somalia under African Union Transition Mission in Somalia (ATMIS).

Kenya’s public debt currently stands at 70.1 billion dollars, with 38 billion dollars of it being foreign. Enditem

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